Cauldron Energy's Maiden Air-Core Drilling Programme at Melrose Project

Cauldron Energy Limited (ASX: $CXU) has announced the successful completion of its maiden first pass air-core (AC) drilling program at the Melrose Project, identifying nickel mineralisation in the weathered zone above ultramafic assemblage. The program comprised 110 air-core holes for 4,248 meters, with 29 of the 65 air-core holes along 6 drill fences over Target 01 returning Nickel grades of 0.30% or above. The best intercepts included Hole MRAC0025 with 11m@0.70%Ni from 37m and Hole MRAC0026 with 12m@1.00%Ni from 17m. The mineralisation remains open to the north, south, and in depth, with results from Targets 01 and 03 pointing to the minerals potential in underlying mafic/ultramafic bedrock. A 4-hole, 846m RC drill program to test the mineralisation continuity at depth has been conducted during the past fortnight with results expected in the coming weeks.

Executive Commentary on Melrose Project's Maiden Air-Core Drilling Programme

Jonathan Fisher, CEO of Cauldron Energy, expressed satisfaction with the near-surface results, highlighting their potential significance in indicating the presence of underlying ultramafic basement-hosted polymetallic nickel-PGE mineralisation. Fisher also emphasized the similarities with Chalice's world-class Julimar deposit to the south and the anticipation of better evaluating this potential with follow-up RC drilling.

Summary of Melrose Project's Maiden Air-Core Drilling Programme

Cauldron Energy's maiden air-core drilling program at the Melrose Project has successfully identified nickel mineralisation in the weathered zone above ultramafic assemblage. The results indicate the potential presence of underlying ultramafic basement-hosted polymetallic nickel-PGE mineralisation, similar to Chalice's Julimar deposit. The mineralisation remains open in all directions, and a follow-up RC drilling program has been conducted to test the continuity of mineralisation at depth, with results expected in the coming weeks. The Melrose Project, covering approximately 1,428 km², is the largest contiguous polymetallic Ni-PGE prospective land-holding in the Barrabarra Greenstone Belt portion of the West Yilgarn Craton. The company remains optimistic about the project's prospects and looks forward to further exploration and evaluation of the identified mineralisation.